GMAC to Retain Commercial Mortgage Business

GMAC to Retain Commercial Mortgage Business 


DETROIT, Dec. 2  /PRNewswire/ -- General Motors Acceptance Corporation (GMAC)
today said it has decided to retain ownership of its commercial mortgage
business.  The decision comes at the completion of GMAC's evaluation of funding
alternatives, which included the possible sale of all or a portion of the
commercial mortgage business (which is conducted through a wholly-owned
subsidiary named GMAC Commercial Holding Corp.).

Earlier this year, GMAC indicated it was pursuing a possible sale of the
commercial mortgage business as a means of continued access to capital for the
growing concern.  Since then, GMAC Commercial Holding Corp. has continued to
post record operating results, with origination volume and earnings during the
first nine months of 2003 already at or above the levels achieved during the
full year of 2002.  In addition, the overall capital markets environment has
improved considerably from the difficult environment in 2002 and early 2003.

"Since our evaluation of a possible sale began, the commercial mortgage business
has continued to perform extremely well," said GMAC Chairman and President Eric
A. Feldstein.  "In addition, through our recent discussions with major industry
participants we now believe that alternative large-scale funding mechanisms
should be available without requiring a sale of the business.  As a result, we
will seek to establish alternative funding mechanisms to provide for the ongoing
capital requirements of the commercial mortgage business while providing
liquidity relief to GMAC."

GMAC Commercial Holding Corp. has more than 100 offices in nine countries and is
the leading servicer of commercial mortgages in the United States, with a
servicing portfolio of nearly $250 billion at September 30, 2003.   For the nine
months ended September 30, 2003, GMAC Commercial Holding Corp. had origination
volume of nearly $20 billion and earned net income of approximately $243
million.  Total assets of GMAC Commercial Holding Corp. at September 30, 2003
was approximately $14.6 billion.

In this press release and related comments by General Motors and GMAC
management, our use of the words "expect," "anticipate," "estimate," "forecast,"
"objective," "plan," "goal," "target," and similar expressions is intended to
identify forward looking statements.  While these statements represent our
current judgment on what the future may hold, and we believe these judgments are
reasonable, actual results may differ materially due to numerous important
factors that are described in GM's and GMAC's most recent report on SEC Form
10-K which may be revised or supplemented in subsequent reports on SEC Forms
10-Q and 8-K.  Such factors include, among others, the following: changes in
economic conditions, currency exchange rates or political stability; shortages
of fuel, labor strikes or work stoppages; market acceptance of the corporation's
new products; significant changes in the competitive environment; changes in
laws, regulations and tax rates; and, the ability of the corporation to achieve
reductions in cost and employment levels to realize production efficiencies and
implement capital expenditures at levels and times planned by management. 

DATASOURCE: General Motors Corporation



CONTACT:  James Farmer of General Motors Acceptance Corporation,

[phone]; or Toni Simonetti of General Motors Corporation,

[phone]



Web site:  http://media.gm.com/

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